Abu Dhabi, UAESaturday 19 October 2019

Dubai oil & gas services firm plans London IPO

ADES International has announced plans to raise up to US$170 million (Dh622m) via a listing on the London stock exchange next month.

Dubai-based ADES International has announced plans to raise up to US$170 million (Dh622m) via a listing on the London stock exchange.

The oil and gas drilling and production services provider, headquartered in the Dubai International Financial Centre, said that the offering will take place in May. EFG Hermes is acting as global coordinator of the share offering, with Citigroup acting as joint bookrunner.

The company plans to use the proceeds of the share sale for capital expenditure to scale up existing operations in Egypt, Saudi Arabia, and Algeria, and to pursue new opportunities across the GCC.

ADES’s earnings before interest tax, depreciation and amortization have grown 46 per cent on a compound annual growth rate between 2014 and 2016 in spite of falling oil prices.

jeverington@thenational.ae

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Updated: April 3, 2017 04:00 AM

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